State monopoly to be retained over twenty categories of goods, services

Updated: 15:34’ - 14/02/2017

The State would hold monopoly in 20 categories of goods and services, according to a draft decree recently revealed by the Ministry of Industry and Trade.

The draft says that state monopoly would only be retained over essential goods and services in order to ensure the national interests or in some strategic localities.

The State would hold exclusive rights on domestic production of gold bars, and import and export of gold materials for production of gold bars __Photo: Internet

Specifically, the State would monopolize goods and services used for the national defense and security purposes; production, purchase, sale, import and export of industrial explosives; domestic production of gold bars; import and export of gold materials for production of gold bars; lottery business; imported cigarettes and cigars; national reserves; bank note printing and coin minting; issuance of Vietnamese postage stamps; and fireworks, among others.

According to the drafter, the draft decree is built to implement the 2005 Commercial Law which allows the State to monopolize for a given period of time the trading in a number of goods and services in certain localities in order to protect national interests.

It is expected to enhance the transparency, consistency and accuracy of the legal framework on state monopoly in trade and promote a healthy competitive environment.

The future regulation would also provide a clearer scope of state monopoly as well as rights and obligations of related enterprises, thereby nurturing their trust in the monopoly policy, and enabling other economic sectors to supervise the state intervention in the economy, the drafter said.

Under the draft, those engaged in trading in goods and provision of services subject to state monopoly would have their acts subject to strict inspection and supervision, and be required to use state funds in accordance with the laws on enterprises, competition, price, and management and use of state funds.- (VLLF)